Simple solution procedures for a class of two-echelon inventory problems
Operations Research
Simulation with Arena
Simulation-based optimization: practical introduction to simulation optimization
Proceedings of the 35th conference on Winter simulation: driving innovation
Economic production quantity models for deteriorating items with price- and stock-dependent demand
Computers and Operations Research
Computers and Industrial Engineering
A perishable inventory system with retrial demands and a finite population
Journal of Computational and Applied Mathematics
Continuous review (s, S) inventory system with random lifetimes and positive leadtimes
Operations Research Letters
Proceedings of the Winter Simulation Conference
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We consider an inventory system for continuous decaying items with stochastic lead time and Poisson demand. Shortage is allowed and all the unsatisfied demands are backlogged. Moreover, replenishment is one for one. Our objective is to minimize the long-run total expected cost of the system. Firstly, we have developed the mathematical model with deterministic lead time. Since the stochastic lead time makes the model complex especially when lead time has complicated probability distribution and it is difficult to prove convexity of the objective function, we have applied simulation modeling approach. The simulation model has no limitation on lead time or any other parameters. The simulation model is validated by comparing its outputs and analytical model's results for the deterministic lead time case. Furthermore, we use optimizer module of the applied software to find near optimal solutions for a number of examples with stochastic lead time.